SUI Price Rebounds 13% as CETUS Recovery Plan Approved

SUI, a prominent cryptocurrency, was trading at $3.4836 on Friday, showing underperformance compared to other top cryptocurrencies. This decline comes amidst broader geopolitical tensions affecting global cryptocurrency markets and the recent hack of its decentralized exchange, CETUS, which added further bearish pressure over the past week.

The CETUS hack, which resulted in the theft of $223 million in assets with $162 million frozen, initially created uncertainty. However, the recent approval of CETUS’s recovery plan has shifted the sentiment. Over 90% of validators and stakers voted in favor of returning the frozen funds, providing a significant boost to investor confidence.

In addition to the recovery plan, growing interest in exchange-traded funds (ETFs) has fueled optimism for SUI. The recent application for a spot SUI ETF by 21Shares, following Canary's similar move, has sparked excitement. Approval of a spot ETF would allow more institutional investors to gain exposure to SUI, potentially driving its price higher. Analysts are hopeful that the SEC will approve several pending altcoin ETF applications, including those for LTC, XRP, and ADA, by the end of the year.

Despite the recent correction, both technical and fundamental indicators suggest a potential bullish breakout for SUI. The daily price chart reveals a bullish flag pattern, indicating a possible rebound. SUI is expected to first target $3.945, then $4.8587, and potentially push toward its all-time high of $5.3700. According to a technical analysis shared by Crypto Bullet, SUI may be preparing for a parabolic run to or above $10 by June. The initial Wave 1 rally showed strong momentum, followed by Wave 2, which was influenced by the Cetus hack and market-wide geopolitical uncertainty. This preparation is seen as a necessary step for the upcoming Wave 3 rally.

Experts suggest that under bullish factors, the SUI price could reach $5.37 and $10 by year-end. The continued support for CETUS and the growing interest in ETFs are seen as potential game-changers for SUI, driving its price higher in the coming months.